Latest Headlines – Page 51
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ArticleUnbound puts itself up for sale as funding crisis continues
Unbound, the owner of Hotter Shoes, is putting itself up for sale as the beleaguered British retailer started another restructuring of its operations amid an ongoing funding crisis. The firm said that it was facing constraints after failing to secure fresh cash in light of weaker-than-expected first-quarter trading. It expects ...
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ArticleFarfetch resumes growth in Q1 and confirms its full-year guidance
Farfetch resumed growth and narrowed its adjusted losses in the first quarter of 2023. It confirmed its full-year guidance of about 20 percent in gross merchandise value (GMV) and a positive Ebitda margin. Quarterly GMV totaled $931.7 million, up by a reported 0.1 percent year-over-year and by 4 percent at ...
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ArticleU.S. footwear stocks tumble after Foot Locker’s profit warning
Shares in U.S. footwear companies nosedived after Foot Locker issued a profit-warning due to the softening of market conditions and the need to increase markdowns to reduce inventories. Mary Dillon, Foot Locker’s president and chief executive officer, said that since the launch of the company’s Lace Up Strategy at its ...
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ArticleHow an Italian startup is working with the fashion industry to promote upcycling
The mission is simple: to give value to end-of-life products by introducing designer collections deriving from the creative reuse of second-hand clothing and discarded textiles cuttings. Appcycled was born with this purpose two years ago. It was founded by three young people eager to promote upcycling in the fashion industry. ...
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ArticleBoot Barn reports lower-than-expected Q4 revenues, expects weak sales in Q1
Boot Barn posted lower-than-expected revenues in the fourth quarter that ended on April 1 and anticipates weak sales in the first quarter of its new fiscal year, sending shares sliding as much as 13 percent on the news. The American Western-style footwear and apparel retailer reported net sales of ...
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ArticleShoe Zone's half-year sales surge, but profit halved
Shoe Zone reported a strong rise in half-year sales as consumers sought value for money during the cost-of-living crisis hitting the U.K., but inflation and labor costs meant profits for the period were halved. Sales for the 26 weeks to April 1 grew by 8 percent to £75.4 million (€86.6m) ...
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ArticleCoats’ sales are hit by destocking
In the first four months of 2023, Coats suffered a 20 percent year-over-year decline in revenues, organically and at constant currency rates, largely due to continued widespread industry destocking affecting its Apparel and Footwear divisions. On a reported basis, group revenues were down by 12 percent. Organic revenues were down ...
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ArticleBoohoo swings to FY loss but forecasts return to profit this year
For the fiscal year end on Feb. 28, Boohoo reported annual pre-tax losses of £90.7 million (€104.2m) and a sharp fall in sales but predicted a return to underlying profit in the current fiscal year and produced a surprise positive cash flow which pleased investors on the London Stock Exchange ...
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ArticleSteve Madden’s Q1 sales decline despite growth outside the U.S.
In the first quarter of 2023, Steve Madden suffered a 17.1 percent year-over-year decrease in revenues to $463.8 million due to declines in both its wholesale and direct-to-consumer (DTC) businesses. International revenues were a bright spot for the company, increasing by 13 percent in the quarter and accounting for over ...
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ArticleGrendene sales inch up despite challenging domestic market, slump in exports
Grendene reported revenues of 657.6 million reais (€122.9m) in the first quarter of 2023, up by 4.2 percent compared to the year earlier although consumers in its home market of Brazil continued to see their disposable income eroded by high inflation, interest rates and unemployment while exports were under pressure ...
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ArticlePrada's Q1 footwear sales up 20%
In the first quarter of 2023, footwear sales for the Prada group in the retail channel rose by 20 percent at constant currency rates to €176 million from €147 million a year earlier. Shoes represented 18 percent of the group’s quarterly retail sales. The group said that both its formal ...
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ArticleRussia’s Zenden plans to push on sports footwear
Russian casual footwear retailer Zenden has set its sights on sports footwear, a niche the company sees as lucrative after the departure of the leading Western brands. Alexander Sarychev, Zenden’s chief executive, revealed that the company, in the coming years, plans to accelerate the development of its sports brand Pulse, ...
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ArticleStuart Weitzman’s Q3 sales up a currency-neutral 10%
Stuart Weitzman, the premium footwear brand of the U.S. fashion group Tapestry, posted sales of $68 million in the fiscal third quarter ended on April 1, up by 7 percent year-on-year on a reported basis and by 10 percent at constant currency rates. “In the third quarter, we delivered 10 ...
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ArticleRelaxo’s FY revenues rise but earnings slip on higher costs
Relaxo Footwears, an Indian group that sells shoes under various brands including Sparx, Flite and Bahamas, posted revenues from operations of 2,783 crore rupee (€312.0m) in the full year ended March 31, up by 4.88 percent year-on-year. Total income grew by 4.65 percent to INR 2,801 crore (€314m). In the ...
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Online footwear sales in Germany continue to plummet in Q1
Online sales continued to drop in Germany in the first quarter of 2023 after a weak 2022, with the footwear sector again plummeting amid heightened uncertainty, a survey from the Federal association of e-commerce and mail order trade, BEVH, showed. E-commerce sales in Europe’s biggest economy dipped by 15.0 ...
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ArticleGeox trims 2023 sales target after 21% increase in Q1
Geox cut its 2023 target for sales growth to 4-6 percent from 6-8 previously, as weaker reorders in the multi-brand channel in April and the first week of May compared to the previous year have led it to have a more cautious view on its top line expectations. Sales in ...
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ArticleYue Yuen Q1 results impacted by soft global footwear demand
High inventory levels across the industry coupled with softer global footwear demand negatively impacted first-quarter results at Yue Yuen. For the period ended March 31, Ebit fell by 32.2 percent to $65.9 million from $97.1 million a year earlier. Net profit attributed to the company declined by 42.6 percent to ...
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ArticleTod’s’ Q1 sales beat expectations
With first-quarter sales coming in at €270.5 million, up by 23.2 perent year-on-year on a reported basis and by 23.3 percent at constant currency rates, Tod’s beat market expectations by about €20 million. Citi noted that the news was not a huge surprise considering the good performance posted over ...
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ArticleJD Sports’ unit Spodis to take over Gap France
Spodis, a unit of JD Sports Fashion, has been chosen by a Grenoble-based commercial court to buy for €300,000 part of the assets of Wilsam, which manages franchised Gap stores in France. “With realistic operating and financial forecasts, a capacity to support working capital and investments with its own resources, ...
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ArticleHotter Shoes’ parent in trouble as Marwyn drops £10m investment plan
Hotter Shoes’ owner Unbound Group has called in a turnaround specialist after a £10 million (€15m) funding deal collapsed amid a continuing deterioration in trading conditions. Last month, Marwyn Investment Management said it would provide the funding via an equity placing at 10.5 pence (12 euro cents) per share. However, ...
